The FCA is looking at how technology can improve regulatory reporting

Lynsey Barber
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The FCA is focusing on regtech (Source: FCA)

The City watchdog is eyeing up how technology might help improve regulatory reporting for businesses.

The Financial Conduct Authority (FCA) is seeking industry feedback on a so-called proof of concept (POC) developed by the regulator, the Bank of England and tech startups that could lead to automated reporting.

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The regtech (regulatory technology) tool could result in more accurate data being filed and reduce costs, which would also help promotion of competition by creating a lower barrier to entry.

"Technology is a powerful shaper of financial regulation, able to make compliance simpler and more efficient," said the FCA's executive director of strategy and competition Christopher Woolard.

"Our TechSprints bring people from across the financial services world together to share their collective knowledge to solve common problems. We look forward to working with industry participants in the coming months to drive these ideas forward.”

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It's the latest example of the financial watchdog proactively exploring how technology can help improve financial services.

The results of the call for input will be published over the summer.

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